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TMI Blog2024 (11) TMI 409X X X X Extracts X X X X X X X X Extracts X X X X ..... istence of the preferential transaction - HELD THAT:- The Liquidator had got a Transaction Audit Report made, which had various findings, and in one such finding it was noted that Rs. 3,67,900/- had been paid to the Suspended Director i.e. Alok Tripathi and was found to be a preferential transaction. The Adjudicating Authority has rightly noted that the Appellant/ Mr Alok Tripathi was put in a beneficial position when aforesaid payment was made against his unsecured loan as in terms of the provisions of Section 53 of the Code, the secured Creditors and workmen get precedence over unsecured Creditors against the payment of dues It is to be noted that even if any amount was payable to the Appellant/ Mr Alok Tripathi qua its outstanding unsecu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/- (Rupees Three lakhs, sixty-seven thousand and nine hundred only). 2. The Corporate Debtor was incorporated on 04.04.2013, with a paid-up capital of Rs 66 lakhs only. It is claimed that the Corporate Debtor was doing good business but it faced a financial crunch in 2019 and started looking for financial assistance from Banks and NBFCs. During this process, it is claimed that the Appellant/Director of the Corporate Debtor met with one Mr. Vijay Thapar, who assured the Director to get him a big loan and took hefty amounts of money as service charges. However, he turned out to be a con and never arranged for the assured loan for the Corporate Debtor. After paying the money to him, the finances of the Company went into doll-drum and resulte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder. It has therefore sought for the following relief(s): a) Allow the present Appeal; b) Set aside the Impugned Order dated 05.06.2024 passed by the Hon ble Adjudicating Authority; c) Pass any other order/direction in the facts and circumstances of the present Appeal and in the interest of the justice. Appraisal 8. Heard Learned Counsel for both the parties and perused documents on record. 9. There is a delay in re-filing of 50 days beyond the statutory period of 7 days in the Appeal explanation given in I.A. No. 6635 of 2024 at paragraph 4. Cause shown is found sufficient and re-filing delay is condoned. 10. In this case, the Corporate Debtor was admitted into CIRP on 17.05.2022 and, subsequently, into liquidation on 12.10.2022. 11. In o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led an Application under Section 43 of the IBC, 2016 before the NCLT on 19.07.2023. Therefore, it was prayed that the amount of Rs. 3,67,900/- (Rupees Three lakhs, sixty-seven thousand and nine hundred only) received by the unsecured creditor of the Corporate Debtor be vested in the Corporate Debtor for the reason of such payment being preferential in nature and in contravention of Section 43 of IBC. 14. The Adjudicating Authority also gave sufficient opportunity to the Appellant/ Mr Alok Tripathi to file a Reply against the Transaction Audit Report. However, the Reply was not filed by the Appellant/ Mr Alok Tripathi. Thereafter, the Adjudicating Authority forfeited their right to file a Reply on 02.05.2024. Further, the Appellant filed ano ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) the transfer under clause (a) has the effect of putting such creditor or a surety or a guarantor in a beneficial position than it would have been in the event of a distribution of assets being made in accordance with section 53. 17. From the records we note that the Liquidator had got a Transaction Audit Report made, which had various findings, and in one such finding it was noted that Rs. 3,67,900/- (Rupees Three lakhs, sixty-seven thousand and nine hundred only) had been paid to the Suspended Director i.e. Alok Tripathi and was found to be a preferential transaction. The Adjudicating Authority has rightly noted that the Appellant/ Mr Alok Tripathi was put in a beneficial position when aforesaid payment was made against his unsecured ..... X X X X Extracts X X X X X X X X Extracts X X X X
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